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Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.


New Record for Fifth Third Mortgage Originations

Q2 production up 1%

July 19, 2012

By Mortgage Daily staff


For the second consecutive quarter, home loan fundings at Fifth Third Bancorp reached an all-time high. The servicing portfolio grew, delinquency declined and earnings increased.

Residential loan originations were $7.5 billion during the second quarter, Fifth Third reported in its earnings data. It was the highest level of quarterly production on record.

Three months earlier, home loan fundings amounted to $7.4 billion -- also a record.

Second-quarter 2012 mortgage closings totaled $5.9 billion.

During the first six months of 2013, mortgage production added up to $14.9 billion.

Fifth Third's third-party servicing portfolio increased to $67 billion as of the most recent period from $65 billion at the end of the first quarter. At the same point in 2012, mortgage servicing rights were owned on $62 billion.

Residential mortgage assets inched up to $12.400 billion from $12.091 billion and were $11.429 billion as of the same date last year.

Residential delinquency of at least 90 days fell to 0.57 percent from 0.61 percent in the first quarter. At the same point last year, delinquency was 0.70 percent.

Home-equity loan holdings were trimmed to $9.531 billion from $9.727 billion and have dropped from $10.377 billion as of June 30, 2012.

On the $1.275 billion portion of the HEL portfolio that was broker-originated, delinquency tumbled to 0.89 percent from 1.02 percent in the prior quarter and 1.15 percent in the same period during the prior year.

On the $8.256 billion in directly originated HELs, delinquency eased to 0.44 percent from the first quarter's 0.47 percent and the second-quarter 2012's 0.56 percent.

Commercial mortgage holdings were reduced to $8.443 billion from $8.766 billion at the end of the first quarter. A year prior, the bank owned $9.662 billion in commercial mortgages.

Delinquency on the commercial real estate loan portfolio finished last month at a level considered "not meaningful," the same as at the close of the prior quarter. CRE delinquency was 0.23 percent as of June 30, 2012.

Another $0.754 billion in commercial construction loans were on the books, up from $0.694 billion three months earlier but lower than $0.822 billion a year earlier.

Construction loans had a delinquency rate that was considered "not meaningful" in the current, prior and year-earlier periods.

Outstanding repurchase claims were $53 million as of the end of last month, growing from $47 million as of the end of the second quarter.

The Cincinnati-based company reported $864 million in income before taxes, improving from the $596 million earned in the first quarter and the $569 million earned in the second-quarter 2012.

Fifth Third had 20,569 full-time equivalent employees across all business lines as of June 30, reducing its staff from 20,744 at the end of March. A year prior, headcount was 20,888.

The number of banking centers increased by six from the prior period to 1,326.

Fifth Third profile

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